FREEX vs. SHAPX

Last updated Jun 4, 2026

FREEX (Franklin Real Estate Securities Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - FREEX is a REIT fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, FREEX returned 6.63%/yr vs 13.25%/yr for SHAPX. A 0.59 correlation means they provide meaningful diversification when combined. FREEX charges 1.11%/yr vs 0.93%/yr for SHAPX.

Performance

FREEX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Real Estate Securities Fund (FREEX) and ClearBridge Appreciation Fund (SHAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FREEX achieves a 9.48% return, which is significantly higher than SHAPX's 6.04% return. Over the past 10 years, FREEX has underperformed SHAPX with an annualized return of 6.63%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

FREEX

• 1D: 0.35%
• 1M: -1.59%
• YTD: 9.48%
• 6M: 8.67%
• 1Y: 9.15%
• 3Y*: 8.20%
• 5Y*: 2.79%
• 10Y*: 6.63%

SHAPX

• 1D: -0.05%
• 1M: 2.33%
• YTD: 6.04%
• 6M: 5.66%
• 1Y: 17.56%
• 3Y*: 17.64%
• 5Y*: 11.44%
• 10Y*: 13.25%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FREEX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FREEX Franklin Real Estate Securities Fund	9.48%	2.24%	3.84%	9.99%	-25.71%	44.04%	-3.34%	52.71%	-6.58%	2.62%
SHAPX ClearBridge Appreciation Fund	6.04%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between FREEX and SHAPX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.59

Over the past year, the correlation between FREEX and SHAPX has dropped to 0.33 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

FREEX vs. SHAPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FREEX

FREEX Risk / Return Rank: 9
FREEX Sharpe Ratio Rank: 8
FREEX Sortino Ratio Rank: 8
FREEX Omega Ratio Rank: 8
FREEX Calmar Ratio Rank: 12
FREEX Martin Ratio Rank: 11

SHAPX

SHAPX Risk / Return Rank: 37
SHAPX Sharpe Ratio Rank: 36
SHAPX Sortino Ratio Rank: 36
SHAPX Omega Ratio Rank: 36
SHAPX Calmar Ratio Rank: 31
SHAPX Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FREEX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Real Estate Securities Fund (FREEX) and ClearBridge Appreciation Fund (SHAPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FREEX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.73	-1.05
Sortino ratio: Return per unit of downside risk	0.99	2.50	-1.51
Omega ratio: Gain probability vs. loss probability	1.13	1.32	-0.19
Calmar ratio: Return relative to maximum drawdown	1.13	2.07	-0.95
Martin ratio: Return relative to average drawdown	3.25	9.48	-6.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FREEX vs. SHAPX - Sharpe Ratio Comparison

The current FREEX Sharpe Ratio is 0.68, which is lower than the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FREEX and SHAPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FREEX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	1.73	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.77	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.79	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.79	-0.45

Drawdowns

FREEX vs. SHAPX - Drawdown Comparison

The maximum FREEX drawdown since its inception was -76.99%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for FREEX and SHAPX.

Drawdown Indicators

	FREEX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-76.99%	-46.19%	-30.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-8.74%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-16.72%	-16.15%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-33.79%	-20.53%	-13.26%
Max Drawdown (10Y) Largest decline over 10 years	-40.57%	-32.21%	-8.36%
Current Drawdown Current decline from peak	-5.03%	-0.49%	-4.54%
Average Drawdown Average peak-to-trough decline	-14.24%	-4.78%	-9.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	1.91%	+0.77%

Volatility

FREEX vs. SHAPX - Volatility Comparison

Franklin Real Estate Securities Fund (FREEX) has a higher volatility of 3.82% compared to ClearBridge Appreciation Fund (SHAPX) at 2.46%. This indicates that FREEX's price experiences larger fluctuations and is considered to be riskier than SHAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FREEX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	2.46%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	7.90%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	10.46%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	14.86%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.85%	16.73%	+5.12%

FREEX vs. SHAPX - Expense Ratio Comparison

FREEX has a 1.11% expense ratio, which is higher than SHAPX's 0.93% expense ratio.

Dividends

FREEX vs. SHAPX - Dividend Comparison

FREEX's dividend yield for the trailing twelve months is around 6.07%, less than SHAPX's 13.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREEX Franklin Real Estate Securities Fund	6.07%	6.65%	12.00%	5.13%	3.70%	7.51%	8.38%	33.46%	5.49%	9.77%	2.66%	1.50%
SHAPX ClearBridge Appreciation Fund	13.27%	14.08%	9.00%	4.17%	8.85%	6.54%	4.13%	7.09%	6.71%	5.10%	3.29%	4.76%

Frequently Asked Questions

Can I hold both FREEX and SHAPX in my portfolio?

FREEX and SHAPX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FREEX or SHAPX?

FREEX has higher volatility (3.82%) compared to SHAPX (2.46%). In terms of maximum drawdown, FREEX dropped -76.99% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.73 vs 0.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.